A bit of a catch-up bid has developed in ACGBs this morning, with the front end of the curve leading the way, leaving YM +10.5 & XM +6.0. Wider cash ACGBs see 5-10bp of richening with the 3- to 5-Year zone leading. This comes after the belly led the richening of the U.S. Tsy curve during Wednesday trade, with a similar dynamic observed in both Bunds and Gilts (aided by central bank rhetoric from the Fed, ECB & BoE). Swaps lag the move, with 3- and 10-Year EFPs sitting 2.5-3.0bp wider. Bills run 4 to 8 ticks firmer through the reds, with flattening still in play.
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